Weekly Hot Stocks: Velesto, Genting, Armada, GenM, KNM

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Velesto has shown sign of strength from the consolidation phase since April. After testing RM0.345 support, it rallied 6.91% in a single day on 6th November. The high volume indicated huge demands for Velesto and supports at RM0.37, further upside is possible if breaks RM0.41 resistance.

Genting rallied 11.54% in 18 days since 21st Oct. Presently, it has penetrated RM6.16 resistance. However, the low volume is relatively lower compares to the climatic sells on 7th August. I reckon to keep this stock in the monitoring list.

Armada is well supported above RM0.443. The stock has eased 114.98% since 30th August. I reckon the climatic sells on 22nd Oct is a shakeout event. RM0.485 serves the major resistance, further upside is possible if the price breaks this resistance. However, be aware of the possible double top formation.

Genting Malaysia supports at RM3.00, the next resistance is RM3.40. The rally since 25th Oct has sent the stock to RM3.23. The stock has eased 5% approximately, I reckon to keep it in the monitoring list.

KNM is consolidating since 15th Oct. Current support is RM0.44 and resistance is RM0.47. If the stock breaks the resistance, further upside is possible.

Jaks has a quick settle and support at RM1.06. Today, it is breaking the RM1.13 resistance.  

Author: Gerald Koh